Avalanche’s token AVAX is primed for a significant rally, potentially surging above $100. The charts depicted below are indicative of the bullish momentum buildup around the token, highlighting a positive outlook for investors and traders. In the first graph, a monthly view of AVAX/USDT on Binance is shown where key price levels and wave patterns are formed.
At present, AVAX is trading at $36 with a resistance level of $97.64. However, the token support zone between $9.49 and $10.06 depicts a substantial strong base from which the price could bounce higher. Further, a look at the graph suggests that the token has recently overcome a corrective phase and is gearing toward a new bullish path.
Confirming the bullish thesis is the token’s price analysis on the daily timeframe. The second chart depicts the pattern of a classic triple bottom hovering near the $30 mark. Along with that, the higher highs [HH] and higher lows [HL], shown in the graph, signal a strong reversal and the beginning of an uptrend. The immediate key resistance levels that investors should watch out for are $50 and $60. Overcoming these will set the token on an optimistic long-term target of $100.
As always, investors should conduct their research and consider market conditions before making any investment decisions. This comes at a time as AVAX developers prepare to launch Layer 1 blockchains [L1s] that inherit Avalanche consensus. Moreover, CEO Emin Gun Sirer also spilled details on Initial Chain Offering [ICO], a novel approach where instead of individual tokens, new blockchains are offered to investors.
AVAX: New L1 Blockchains and ICO Plans
Spent the last few days with #Avalanche devs and community and it really is as simple as the infra being built will make it so launching L1s that inherit Avalanche consensus will be as easy as launching an ERC-20. There will be an Initial Chain Offering instead of an Initial Coin Offering szn sooner than you think. An Avalanche ICO szn if you will
Market observers believe this could spark an “Avalanche ICO season,” similar to the Initial Coin Offering frenzy, but focused on entire blockchains. All these announcements could significantly attract interest and investment into the Avalanche ecosystem, boosting the price of AVAX.